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    501 N Carolina 118 Grifton, NC 28530

    View on Map
    Sponsored
    For Sale
    $1,800,000

    COMMERCIAL - Grifton, NC

    Type:Retail
    Property size:
    1 SF
    Lot size:
    1.17 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 10 at 1:06 pm

    Property Features for 501 N Carolina 118

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Sale
    Property subtype
    Retail
    TransactionType
    Standard
    Standard status
    Active
    APN
    4953
    Interior features
    High Ceilings, Storage
    Accessibility
    Accessible Approach with Ramp
    Size
    1 SF
    Lot size
    1.17 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Multi Units, Electric

    Building Details

    Year built
    1975
    Building materials
    Block
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Pat Flanagan
    Pat Flanagan

    Century 21 Triangle Group (919) 720-4217

    Listing agent Pat Flanagan (919) 302-3298

    Listing date Mar 9, 2026

    MLS# 10151508

    Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Established Grocery Store with Real Estate

    This property presents an opportunity to acquire real estate and a business operating as Food Pride of Grifton. The established neighborhood grocery store is located at 501 NC-118 in Grifton, North Carolina, and serves as a community anchor with visibility along NC-118. The property has a flexible layout suitable for grocery, retail, or service-oriented operations. The sale includes the business, offering immediate income for investors or owner-operators. The building size is approximately 11,361 square feet, situated on a lot of about 1.17 acres. Located in Pitt County, the site benefits from steady local traffic and a loyal customer base, with regional access within one hour of Raleigh. The property has parking for approximately 30 vehicles. The business provides immediate income for investors or owner-operators. The inventory and fixtures are valued at approximately $450,000. The property is suited for continued grocery operations or other retail uses.
    Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Map

    City
    Grifton
    County
    Pitt
    State
    North Carolina
    Longitude
    -77.436288
    Latitude
    35.374017

    Nearby Similar for Sale

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      1,550 SF

      Grifton Restaurant: Turnkey Opportunity

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    FAQs

    What type of property is this?
    Grocery and convenience store - Turn-key investment opportunity: real estate and operating grocery business.
    Where is this grocery and convenience store located?
    The property is located at 501 N Carolina 118 Grifton, NC.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: - Turn-key investment: Includes real estate and established Food Pride grocery business for immediate income.; - Established business with loyal customer base and steady foot traffic.; - Large building (+/-11,361 SF) on a +/-1.17 acre lot with parking for ~30 vehicles.
    (919) 302-3298
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    501 N Carolina 118 Grifton, NC 28530
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    We can help!
    Listing Contact
    Pat Flanagan
    Pat Flanagan
    Real Estate License ID: 295126
    (919) 302-3298
    Learn more
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